First Time Home Buyer's Guide 2026: Grants, Schemes & Stamp Duty Savings Explained Simply
Taking your first steps into the Queensland property market is exciting, and right now there's never been a better time to be a first home buyer in Queensland. Between Federal and State initiatives, eligible first home buyers can access unprecedented support, with some major improvements introduced from late 2025 that continue into 2026.
We break down everything available to you so you can save money and get the keys to your first home sooner.
Your Path to Affordable Home Ownership
Major opportunities are available to Queensland first home buyers right now:
- The First Home Guarantee (5% Deposit Scheme) - Buy with just 5% deposit, no LMI, unlimited places, no income caps
- Queensland's Boost to Buy Scheme - Up to 30% government equity contribution with only a 2% deposit
- Federal Help to Buy Scheme - Up to 40% government equity for new homes with a 2% deposit
- The $30,000 First Home Owner Grant - Cash towards buying or building a new home (extended until 30 June 2026)
The First Home Guarantee (5% Deposit Scheme)
Major changes came into effect from 1 October 2025 that make this scheme more accessible than ever. The scheme now has unlimited places and no income caps, giving all Australian first home buyers the chance to enter the market with a deposit of as little as 5% and avoid Lenders Mortgage Insurance.
How it works: The Australian Government guarantees up to 15% of your loan to participating lenders meaning you avoid the expensive LMI that's normally charged when you have less than a 20% deposit. You retain full ownership of your home from settlement.
Queensland property price caps:
- Brisbane metro: $1,000,000
- Gold Coast and Sunshine Coast: $1,000,000
- Rest of Queensland: $700,000
Real-world savings: On a $600,000 property, LMI could cost you $15,000-$25,000. With the First Home Guarantee, you pay $0 in LMI while only needing a $30,000 deposit instead of $120,000.
Eligibility:
- Australian citizen or permanent resident
- First home buyer (never owned property in Australia)
- Minimum 5% deposit saved
- Property under the price cap for your area
- Must live in the property as your home
Apply through participating lenders including major banks and regional lenders. Get pre-approved before you start house hunting.
Queensland's Boost to Buy Scheme (Limited Availability)
Applications for the Boost to Buy scheme opened 15 December 2025. The $165 million scheme provides a government equity contribution of up to 30% for new homes and 25% for existing homes. This is a shared equity scheme where the Queensland Government literally buys part of your home with you.
Current Status - Important Update: South East Queensland allocations for the initial round are exhausted. Only regional Queensland places remain available for the first 500 places through Unity Bank. More places are expected to be released for South East Queensland and regional Queensland in early 2026, with additional lenders joining the scheme.
How it works: You need just a 2% deposit to purchase a property valued up to $1 million. The government contributes their share, and you can buy them out over time or when you sell.
Example: Buying a $700,000 existing home? You contribute $14,000 (2% deposit), the government contributes $175,000 (25% equity), and you borrow $511,000.
Eligibility:
- Single purchasers earning up to $150,000 per year and couples earning up to $225,000 combined
- First home buyer
- Property valued up to $1 million
- Australian citizen or permanent resident
Federal Help to Buy Scheme
Help to Buy launched 5 December 2025, offering another shared equity option for first home buyers. This is a federal government scheme separate from Queensland's Boost to Buy.
How it works: The Australian Government contributes equity to help you purchase your home:
- Up to 40% equity contribution for new homes
- Up to 30% equity contribution for existing homes
- You need a minimum 2% deposit
Key differences from Boost to Buy:
- Lower income caps: $100,000 individual / $160,000 couple (compared to Boost to Buy's higher caps)
- Higher government equity contributions (up to 40% vs Boost to Buy's 30%)
- Available through participating lenders nationwide
The $30,000 First Home Owner Grant (New Homes)
Queensland currently offers a $30,000 first home buyer grant. After 30 June 30 2026, the grant will revert to $15,000.
Who gets what:
- $30,000 grant: Available if you signed an eligible contract between November 20, 2023 and June 30, 2026
- $15,000 grant: Standard amount after June 2026
Important: NEW HOMES ONLY This grant only applies to:
- Brand-new house or unit from a builder
- Building a new home on vacant land
- Substantially renovated homes (not lived in post-renovation)
Eligibility:
- First home buyer (all co-applicants must be first home buyers)
- Australian citizen or permanent resident
- New home valued under $750,000 (including land)
- Move in within 12 months and live there for at least 12 months
Good news: The First Home Owner Grant is separate from the Home Guarantee Scheme, so eligibility for one doesn't affect the other. You can stack these benefits.
Stamp Duty Savings
Transfer duty (stamp duty) is a one-off tax paid to the Queensland Government when buying property. For first home buyers, this is where massive savings happen.
Stamp Duty Abolished for New Home Buyers
- Eligible first home buyers no longer pay stamp duty on new builds. On a $650,000 new home, that's approximately $22,000 you don't have to pay.
First Home Concession for Existing Homes
- Full exemption (pay $0): Properties up to $700,000
- Partial concession: Properties between $700,001 and $800,000
To claim your stamp duty concession:
- You have never owned property anywhere in Australia before (note: if buying with others, you can claim the concession on your share even if they don't qualify)
- Australian citizen or permanent resident
- Move in within 12 months of settlement
- Live there continuously for at least 12 months
- Property is within threshold limits
- Residential property only (houses, units, townhouses, vacant land for building)
Building on vacant land? You can still claim concessions if you start building within 2 years of buying the land and move in within 12 months of completion. Total value (land + build) must stay within thresholds.
What If Only One Person is a First Home Buyer?
Stamp Duty Concessions: Partial Benefits Available
You can claim a first home concession on your share of the property, even if your partner doesn't qualify. For example, a couple can buy together with one person claiming the first home concession and the other claiming the general home concession.
In practice: If buying 50/50, the first home buyer claims the concession on their 50% share, while the other partner may claim the general home concession on their share (if the property is under $350,000). Total stamp duty is calculated based on both concessions combined.
First Home Owner Grant and Other Schemes: All Must Qualify
All applicants and their spouses must meet eligibility requirements for the First Home Owner Grant. If one person has owned property before, you won't qualify. This is an "all or nothing" benefit with no partial grants.
The calculations with mixed concessions can be complex. Contact Cozee to discuss your specific situation and calculate the best approach for maximising your benefits.
Stacking Your Savings: Real Examples
Scenario 1: New Home in Brisbane ($650,000)
- 5% deposit: $32,500
- First Home Owner Grant: +$30,000
- Stamp duty saved: ~$22,000
- LMI saved: ~$18,000
- Total benefit: $70,000
Scenario 2: Existing Home with Boost to Buy ($700,000)
- 2% deposit: $14,000
- Boost to Buy (25%): $175,000
- Stamp duty saved: $24,925
- LMI saved: ~$20,000
- Total support: $219,925
Scenario 3: New Home with Help to Buy ($800,000)
- Help to Buy (40% for new): $320,000
- Stamp duty saved: Full exemption (new build)
- LMI saved: ~$25,000
- Total support: $345,000+
Important Considerations
Smaller deposits mean:
- Higher repayments and more interest over time
- Less equity if property values dip
- Potentially stricter lending criteria
Shared equity schemes mean:
- Government owns part of your home until you buy them out
- Possible restrictions on renovations or renting
- Must notify government if income exceeds thresholds significantly
- Capital gains shared proportionally when you sell
Grant obligations:
- Must live in the property (not rent it out immediately)
- Strict residency timeframes
- Breaching terms requires repaying benefits
Frequently Asked Questions
What's changed for 2026? The First Home Guarantee now has unlimited places and no income caps. Boost to Buy has opened applications. Help to Buy launched in December 2025. The $30,000 grant was extended to June 30, 2026.
Can I combine Boost to Buy and the First Home Guarantee? Potentially. Boost to Buy helps with your deposit through shared equity, while the First Home Guarantee helps you avoid LMI. Confirm with lenders about combining these schemes.
Should I choose Boost to Buy or Help to Buy? If you earn over $100,000 (single) or $160,000 (couple), only Boost to Buy is available. If under these caps, compare: Help to Buy offers higher equity contributions (up to 40%) but stricter income limits. Boost to Buy has more income flexibility. Discuss with your broker.
What if only one of us is a first home buyer? For stamp duty, you can claim partial concessions on the first home buyer's share. For grants and schemes like the First Home Owner Grant, Boost to Buy, and Help to Buy, all applicants must be first home buyers—no partial grants available.
Can I rent out a room? Yes, new homeowners can now rent out a room without losing grants and concessions.
What happens after 30 June 2026? The First Home Owner Grant reverts from $30,000 to $15,000. Other schemes continue. If you're buying a new home, try to sign contracts before this date.
Are there time limits on applications? The $30,000 grant expires 30 June 2026. The First Home Guarantee is ongoing with unlimited places. Boost to Buy has limited places (500 initially, expanding in 2026). Help to Buy also has limited annual places. Apply promptly to secure your spot.
The Cozee Difference
Navigating multiple schemes and eligibility requirements is complex. Cozee specialise in helping Queensland first home buyers maximise savings while minimising stress.
We'll check your eligibility, handle all paperwork and lodgements, coordinate with your lender, ensure correct timing, and protect your interests throughout the process.
Navigating your first property purchase? Reach out today and let's make your first home purchase smooth, strategic, and successful.
